SAN MATEO, Calif.: Essex Property Trust Inc. (ESS) has reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in San Mateo, California, said it had funds from operations of $205.7 million, or $3.01 per share, in the period.
The average estimate of 13 analysts surveyed by Zacks Investment Research was for funds from operations of $3.01 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $103.6 million, or $1.57 per share.
The real estate investment trust posted revenue of $345.1 million in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $346.5 million.
For the year, the company reported funds from operations of $812 million, or $11.91 per share. Revenue was reported as $1.36 billion.
The company’s shares have decreased roughly 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat.-AP
